By Neil
Jerome C. Morales (The Philippine Star) | Updated June 11, 2013 - 12:00am
MANILA,
Philippines - The 8990 Group of Companies, one of the leading low-cost housing
developers in Visayas and Mindanao, is acquiring dormant holding firm Southeast
Asia Cement Holdings Inc. (Seacem) for P2.57 billion.
In a
disclosure, Seacem said its major shareholders signed a share sale deal with
stockholders of 8990 Housing Development Corp.
Seacem
stockholders Calumboyan Holdings Inc., Lafarge Philippines Holdings Philippines
Inc. and Seacem Silos Inc. will sell 6.29 billion common shares or 89.87
percent of Seacem to IHoldings Inc., Januarius Resources Realty Corp. and
Kwantlen Development Corp., all stockholders of 8990 Housing.
“The shares
shall be sold at an aggregate purchase price of P2.57 billion,” Seacem said.
It said the
price was arrived at by the parties after consideration of several factors,
including the current net asset value of the company and the declaration of cash
dividends to stockholders of record as of June 2013.”
The
transaction will be finalized after certain conditions, including the lifting
of Seacem’s trading suspension, are met.
Last week, Seacem
raised P193.9 million as it sold 554 million shares to two investors, allowing
it to comply with the 10 percent minimum public ownership requirement of the
local bourse.
It also
completed the sale of its subsidiary Seacem Silos for P730 million as it
prepares for opportunities to deal with third-party investors.
In April,
Seacem finalized the divestment of its 1.11 billion shares worth P11.35 billion
in listed cement firm Lafarge.
“Seacem’s
sale of Lafarge and Seacem Silos shares will give Seacem the flexibility to
restructure the financial position of its assets or for its major shareholders
to enter into transactions with third parties interested in purchasing Seacem,”
the company earlier said.
This leaves
the company with no assets and ready for a firm wanting to list in the local
bourse via the backdoor route.
A backdoor
listing, offers a cheaper and faster way to achieve a listing status. This
occurs when a listed firm is acquired by an unlisted firm and the merger will
result in a change in business.
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